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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (87387)6/23/2020 2:20:43 PM
From: Goose94Read Replies (1) of 203353
 
Crude Oil: Josef Schachter remain a long-term bull on the energy sector once we get past the economic reopening issues and see a vaccine for COVID-19 readily available in 2021. Crude oil demand and supply should be in balance during late Q3/20 and prices should exceed US$50 per barrel during winter 2020-2021. The near-term inventory issues are why we are cautious. There are lots of great stocks to buy which have material long-term growth prospects, but we recommend using windows of market routs to be buyers. We were buyers of our favourite energy and energy service ideas during the plunge in the stocks in mid-March. Our approach is to buy on harsh shake-out periods in the market. The short-covering rally from late March we see as overdone and we have now started another down-leg as crude storage inventories continue to build. The market has been focused on the demand recovery and over time will start to relook at the balance of supply and demand and see that the inventory glut remains and is getting worse, resulting in crude prices retreating again and below US$30 per barrel. When we were on the show last on May 20, we advised a cautious approach. The S&P/TSX Energy Index peaked in early June at 96.07 points and is now at 76.70 or down by 20 per cent. We expect this index to breach the low of mid-March during the second half of 2020.


BNN.ca Market Call Tuesday June 23rd @ 1200ET
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